MANILA: Rizal Commercial Banking Corp (RCBC) said on Monday that its board has appointed a new president replacing Lorenzo Tan, who resigned but was cleared by the Philippine bank of any wrongdoing in a $81 million money laundering scandal.
Gil Buenaventura, currently president and CEO of state-run Development Bank of the Philippines, will take over as RCBC president and CEO from July 1, RCBC said in a statement.
The veteran banker is a former senior executive vice president and chief operating officer of the Bank of the Philippine Islands, one of the country’s three biggest lenders.
RCBC, the country’s ninth-largest lender by assets, said on May 6 that it had accepted the resignation of Tan.
In early February, unidentified hackers infiltrated the computers at the Bangladesh central bank and tried to transfer $951 million from its settlement account at the Federal Reserve Bank of New York.
Most transfers were blocked, but $81 million was sent to four accounts at a branch of RCBC and then moved through a remittance firm and later to casinos and gambling agents. Most of that money is missing.
The Philippine Senate is scheduled to resume its money-laundering probe on May 19.
Copyright Reuters, 2016
Courtesy : BRecorder